Credit Reporting after Chapter 13

[matt14]

Hello everyone,

Hopefully someone has had this experience and could provide some insight. I have a couple of questions regarding how debts are reported after a Chapter 13 plan is complete and accounts falling off after filing.

A little background, i filed Chapter 13 in November 2019. All of my accounts are now updated on my credit report showing 0 balances with the note 'wage earner plan'. My home(2nd mortgage only) and car are both set to get paid out in the plan. I have a 1st and 2nd mortgage of which I pay the 1st mortgage outside of the plan and the 2nd (which was a balloon) is set to be paid off under the plan.

My questions:

1. Will my 1st mortgage balance/payments ever show on my credit since i am technically still paying them outside of the plan?

2. I also have 2 student loans that are showing 0 balances but are not included in my plan. Will these start to report again (with the balance) once i have completed my 5 year payment plan?

3. Is it normal for accounts(credit cards) to be removed from a credit proile after the Ch 13 filing? (I had several Synchrony accounts to be removed from all 3 of my credit reports) and will they ever come back?

[Anonymous]

@matt14- Good Morning,

Great questions you're asking. I filed Chapter 13 on March 17th.  I have so many questions and these forums are mainly consumed with those who have filed a chapter 7.  Appreciate you posting as I'd like to know the answers myself.  How are your scores looking?  I'm still receiving hits on my scores daily.  I can't wait for everything to finally settle so I can see where I'm actually at.  Best of luck to you.  Keep us updated please.

Be safe

[matt14]

@justme79 my scores are back in the 700's on Transunion and Equifax. Experian is still in the high 500's. I think the updates to my credit file have settled down now. I initially took the big hit and went into the 400's but once all of the accounts updated with the 0 balances my scores are steady now. Hopefully somone has experience around the questions i asked previously. Best of luck to you as well.

[Anonymous]

@Matt14- I just finished my Chapter 13 plan a few months ago. Waiting on my discharge papers which should be at the end of April per Pacer.

I only have 1 mortgage on my house. Once the CRA were reporting that I was in a Ch13 payment plan, my mortgage lender stopped reporting my mortgage payments (I didn't include that with my Ch13 filing so I was paying that outside my plan.) Same goes for my car loan, it isn't reporting anything, infact it looks like I dont even have a car loan or mortgage at the moment. I spoke with my Attorney about this and he said once I'm done with my plan and am discharged, the lenders for my mortgage/car will then begin reporting to the CRA's.

I also have studen loans. Those show a 0 balance at the moment, but they will show up with the balance once I'm discharged (per my Attorney.)

As for the removal of credit card accounts after filing? Not sure what you're asking. Were these scheduled to be off and were not included in BK? I haven't had any credit cards account removed. All the accounts that I included in my filing are still there and is noted "included in bankruptcy" or something similar to that.

[matt14]

@miam thanks for the reply. Please keep this post updated. I would love to know about the reporting phase when it starts again. The credit card accounts that were removed from my credit profile were not scheduled to be removed and they were included in my filing. I had a total of 10 accounts that were removed. All the accounts were in good standing when i actually filed (just couldn't keep up the payments).

[Anonymous]

hmmm...I'm not sure why yours got removed when you filed and mine didn't. LOL. I want them removed!! And like you, all my accounts were in good standing too when I filed. I just knew I wouldn't be able to keep up with the payments.

I'll be back to post updates later in April to see how my credit report looks like afterwards and how long it took for my mortgage/car to start reporting again.

Good Luck!

[Anonymous]

Some of my accounts have been removed as well...  

[Anonymous]

I just looked at my EQ. Unfortunately, all the accounts IIB are still there. But they're scheduled to come off in 2023 so I guess that's ok.

[matt14]

@miam well i won't continue to look a gift horse in the mouth LOL. I will accept the accounts are gone and appreciate the blessing :-). I had tons of cards so for those to be removed was a GOOD thing. And yes, please share your post dc journey with the credit reporting. I wish my student loans would NEVER report again lol.

[matt14]

@justme79 were any of them with synchrony?